BASIC Bank Limited | banks in bangladesh | State-owned commercial banks

BASIC Bank Limited is a fully government-owned bank in Bangladesh that was founded on 2 August 1988. The bank was founded to finance small enterprises.

BASIC Bank Limited

History of BASIC Bank

BASIC Bank Limited is one of seven state-owned banks in Bangladesh. In 2016 the finance minister in a statement described the state of the bank as weak due to graft by top officials of the bank and would require some time for improvement. Sonali Bank UK Ltd and other international banks had censured Basic bank over irregularities. Since 2012 Basic bank had been frozen out of international transactions as a result of the irregularities.

BASIC Bank Limited

The controversy around BASIC Bank Limited

Two Deputy Managing Directors Fazlu Sobhan and Mohammad Selim, and former Deputy General Manager Shipper Ahmed were sent to prison for embezzlement. Anti Corruption Commission had filed 56 cases against 156 people in 2015 over the embezzlement of 20 billion takas. Bangladesh bank estimated 45 billion had been swindled from the bank during the 6 years the time Sheikh Abdul Hye Bachhu served as the chairman of the bank.

Among the accused was the former managing director Kazi Fakhrul Islam. There were allegations that the Anti-corruption commission did not file cases against former chairman Sheikh Abdul Hye Bacchu because he is a “Jatiya Party leader” and had “connections at high positions”.

BASIC Bank Limited

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